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Lapindo Brantas Inc. used to be difficult to sell even at low prices, now it holds world treasures. Photo/OKZone
Also read: Lika Liku of Lapindo Mud Company: Previously Sold for Rp. 18,400, Now Save the World’s Treasure
June 2019, when the government collects Lapindo debt Rp773.382 billion, this company actually collects back the debt to the government. It is unmitigated that the debt that LBI has collected from the government has more than doubled, to Rp. 1.9 trillion.
According to LBI, the government’s debt comes from a bailout to the government through the assets of the two companies. The receivables were also claimed to have been known by the Financial and Development Supervisory Agency (BPKP) when conducting a financial audit of the two companies in June 2018.
LBI itself owes a debt to the government because of a loan provided by the government to the company to pay off the purchase of land and buildings for residents affected by the Lapindo mudflow which was signed on July 10, 2015. The government itself has provided bailout funds for LBI of more than Rp. 11 trillion from 2006 to 2017.
Long before that, LBI also often invited controversy. After failing to sell to Lyte Limited for USD 2 or Rp. 18,400 (the exchange rate at that time), PT Energi Mega Persada Tbk (ENRG) as the owner of Lapindo Brantas Inc, continues to look for other tactics to get rid of the catastrophe-making company.
On November 14, 2006, ENRG announced that it had sold Lapindo Brantas Inc to Freehold Group Limited (FGL) for USD 1 million. Freehold is an American owned company domiciled in the British Virgin Islands.
“ENRG has decided to divest the owners of ENRG in Kalila Energy Ltd and Pan Asia Enterprise Ltd which both own 100 percent of LBI’s shares to Freehold Group Limited, a third party not affiliated with the Bakrie group,” said ENRG Director Norman Harahap at the time, as quoted as saying from Between.
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